STATUTORY RULES.
1954. No. .
REGULATION UNDER THE INCOME TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT ACT 1936-1954.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Income Tax and Social Services Contribution Assessment Act 1936-1954.
Dated this twelfth day of November, 1954.
W. J. Slim
Governor-General.
By His Excellency’s Command,
For and on behalf of the Treasurer.
Amendment of the Income Tax and Social Services Contribution Regulations.†
After regulation 54zd of the Income Tax and Social Services Contribution Regulations the following regulation is inserted in Division 3 of Part VI.:—
“ 54ze. The provisional tax and contribution payable, but for this regulation, by a taxpayer in accordance with the provisions of section 221yc of the Act in respect of the income of the year of income ending on the thirtieth day of June, 1955, shall be decreased to the amount that would be payable if the references in sub-section (1.) of that section, in its application in respect of that provisional tax and contribution, to the income tax assessed in respect of the year next preceding that year of income were read as references to the income tax so assessed, reduced by the amount by which the tax imposed by sub-section (1.) of section 6 of the Income Tax and Social Services Contribution Act 1953 on a taxable income equal to the taxable income of the next preceding year of income exceeds the tax imposed by sub-section (1.) of section 6 of the Income Tax and Social Services Contribution Act 1954 on a taxable income equal to that amount.”.
* Notified in the Commonwealth Gazette on , 1954
† Statutory Rules 1936, No. 94, as amended by Statutory Rules 1939, Nos. 6 and 42; 1940, Nos. 138 and 289; 1941, Nos. 120 and 327; 1942. Nos. 339 and 553; 1943, Nos. 80, 127 and 151; 1944, Nos. 90 and 124; 1945, Nos. 12, 85, 169 and 192; 1946, No. 135; 1947, Nos. 77 and 173; 1948, Nos. 115 and 162; 1949, Nos. 25 and 50; 1950, Nos. 63 and 101; 1951, Nos. 136 and 157; 1952, Nos. 89, 90 and 102; 1953, Nos. 55 and 88; and 1954, Nos. 11 and 99.
Printed for the Government of the Commonwealth by A. J. Arthur at the Government Printing Office, Canberra.
4913.—Price 3d. 10/1.11.1954.
Overview
The Statutory Rules 1936, No. 94, as amended, includes a regulation under the Income Tax and Social Services Contribution Assessment Act 1936-1954. Enacted in 1954, this regulation was created to address the issue of provisional tax and contribution adjustments for taxpayers. The enacting body was the Parliament, with the regulation being made by the Governor-General in accordance with the advice of the Federal Executive Council. The policy objective was to ensure a fair and accurate calculation of provisional tax and contribution, taking into account any differences in tax rates between the previous and current years. This regulation aimed to provide clarity and consistency in the application of the relevant provisions of the Act, ultimately ensuring taxpayers were not unfairly burdened by discrepancies in tax assessments.
Scope and Application
The Statutory Rules, made under the Income Tax and Social Services Contribution Assessment Act 1936-1954, specifically amend the Income Tax and Social Services Contribution Regulations to address provisional tax and contribution adjustments for taxpayers for the income year ending June 30, 1955. This regulation applies to taxpayers who are subject to the provisional tax and contribution provisions outlined in section 221yc of the Act. It aims to modify the calculation of provisional tax and contribution by altering the references to income tax assessed in the preceding year, taking into account the differences in tax rates between the Income Tax and Social Services Contribution Act 1953 and 1954. This amendment is intended to ensure that taxpayers are not overburdened by provisional tax liabilities due to changes in tax laws between the two acts. The regulation is part of a broader framework established by the Commonwealth of Australia, impacting all taxpayers affected by the specified conditions and subject to the applicable sections of the Act.
Key Provisions
The regulation under the Income Tax and Social Services Contribution Assessment Act 1936-1954, specifically regulation 54ze, introduces a temporary adjustment to the provisional tax and social services contribution that taxpayers must pay for the income year ending on 30 June 1955. This regulation modifies the calculation of the provisional tax and contribution by altering the reference to the income tax assessed for the previous year, reducing it by the difference between the tax imposed by section 6 of the Income Tax and Social Services Contribution Act 1953 and the tax imposed by the same section in the 1954 Act (section 221yc). This adjustment aims to account for changes in the tax rates between the two years.
The regulation imposes obligations on taxpayers to recalculate their provisional tax and social services contribution for the specified income year, taking into account the adjustment stipulated in regulation 54ze. Taxpayers must ensure that their provisional tax instalments reflect this adjusted amount to comply with the legislative requirements. The regulation also requires the Australian Taxation Office to process these adjusted provisional tax and social services contribution payments accordingly.
Failure to comply with the requirements of this regulation may result in financial penalties. The regulation does not explicitly state the penalties for non-compliance, but it is reasonable to infer that penalties could include interest on any underpaid provisional tax and social services contributions, as well as potential fines or other financial sanctions under the Income Tax Assessment Act 1936. The exact penalties would depend on the specific circumstances of the non-compliance and the subsequent actions taken by the Australian Taxation Office.